The IMF is going to cut its global forecast for 2020. Starbucks estimates that they will experience a decline of $4.4B in revenue. The English Premier league estimates an impact of $1.6B. The FED sees a fall of 6.5% in US GDP. Singapore’s F1 grandprix scheduled for Sep 2020 will be cancelled. That’s not the end of bad news. From each of these sectors, the will be downstream impact. It sure sounds like it will be worst than the 2009 global financial crisis.
Here’s another thing that is scarier. Before Covid-19 hit the economies, global debt was already at an all time high. When the recession hit, more liquidity was pumped into global economies. If any default is experienced, it is going cause a global economic pandemic. Just read these articles below and you will see the magnitude of the issue and why there is a need for concern and personal financial safeguards.